{"id":19563,"date":"2022-03-21T11:11:00","date_gmt":"2022-03-21T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19563"},"modified":"2022-03-07T13:38:46","modified_gmt":"2022-03-07T21:38:46","slug":"canadian-homeowners-will-play-a-central-role-in-shaping-up-spring-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/03\/canadian-homeowners-will-play-a-central-role-in-shaping-up-spring-housing-market\/","title":{"rendered":"Canadian Homeowners will Play A Central Role in Shaping Up Spring Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Early signs are indicating that more home sellers are jumping into Canada\u2019s housing market, welcome news for buyers who have been facing persistent supply shortages.<\/p>\n<p style=\"text-align: justify;\">A newly-published RBC Thought Leadership report by senior economist Robert Hogue says that while one month doesn\u2019t necessarily make a trend, February\u2019s market stats are signalling that more home sellers may be entering the market.<\/p>\n<p style=\"text-align: justify;\">Early results from real estate boards across the country have shown month-to-month increases in new listings, particularly in Calgary and Edmonton which had the strongest number of transactions ever recorded in the month of February.<\/p>\n<p style=\"text-align: justify;\">Purchasers are still facing a lack of home supply, a factor that continues to drive prices upward, especially in areas like the Fraser Valley, Toronto and Vancouver where values have continued to rise.<\/p>\n<p style=\"text-align: justify;\">\u201cSellers will play a central role in shaping up this year\u2019s spring season,\u201d said Hogue.<\/p>\n<p style=\"text-align: justify;\">\u201cShould a critical mass of current homeowners see the coming months as an opportune window to list their property\u2014now that interest rates are on the rise and ahead of potential policy actions targeting speculators\u2014it would ease some of the supply restraints, both boosting near-term activity and reducing some of the pressure of prices,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">Hogue mentioned that should the quantity of home sellers fail to increase, recent price trends are \u201clikely to persist,\u201d until significant interest rate hikes curb demand.<\/p>\n<p style=\"text-align: justify;\"><strong>Toronto prices on the up as Vancouver sees more balanced conditions<\/strong><\/p>\n<p style=\"text-align: justify;\">Home prices in the Toronto region rocketed upwards last month while Vancouver\u2019s market leveled out slightly.<\/p>\n<p style=\"text-align: justify;\">In February, the composite MLS Home Price Index (HPI) for Toronto rose 6.4% from January, more than $80,000 in a single month. This follows a $52,000 increase in January, pushing the index up 35.9% since February 2021. Toronto\u2019s benchmark price of $1.34 million is the highest nationally.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite crushingly poor affordability, demand remains exceptionally brisk at this stage,\u201d said Hogue. \u201cBuyers pounced on a larger offering of homes for sale in February, causing resales to climb 5.9% from January (on a seasonally-adjusted basis).\u201d<\/p>\n<p style=\"text-align: justify;\">This marks the second-busiest February on record, but rising rates are anticipated to cool demand over time \u2014 high prices and a large presence of investors \u201cmake the market especially sensitive to rising interest rates.\u201d<\/p>\n<p style=\"text-align: justify;\">Over on the west coast, market activity slowed as more listings came online.<\/p>\n<p style=\"text-align: justify;\">By RBC estimates, Vancouver area resales were down 6% while new listings climbed 12% from January. These patterns could signal a \u201cwelcome first step,\u201d towards more balanced market conditions across the Vancouver region, Hogue pointed out, but noted that high demand and low inventory would \u201ckeep the heat,\u201d on property values. Last month, Vancouver\u2019s composite MLS HPI shot up 4.6% monthly to $1.31 million, more than $58,000. In a year, values have increased $226,000, or 20.8%.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers clearly face an extremely challenging situation. Higher interest rates will make things even more difficult for many, further crushing affordability in the period ahead,\u201d said Hogue. \u201cWe expect this will gradually suppress demand later this year and contribute to the market rebalancing.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Calgary reports record February amid gain in sales and listings<\/strong><\/p>\n<p style=\"text-align: justify;\">Calgary made a mark in February\u2019s market.<\/p>\n<p style=\"text-align: justify;\">Resales grew 19% monthly with 3,300 transactions, the strongest ever for a February in Calgary. This follows a round of month-to-month sales increases that ranged from nine to 15%. A rush in new listings helped to bolster sales, which were up 69% from January.<\/p>\n<p style=\"text-align: justify;\">\u201cIt provided many buyers the options they had been seeking for some time amid shrinking inventories. These new buying opportunities came at a steeper price though,\u201d said Hogue, who noted that Calgary\u2019s composite MLS HPI grew 5.9% \u2014 about $27,000 \u2014 between January and February.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/03\/are-homeowners-willing-to-sell.html\" target=\"_blank\" rel=\"noopener\">Are Canadian Homeowners Finally Willing to Sell? &#8211; Maybe &#8211;<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Early signs are indicating that more home sellers are jumping into Canada\u2019s housing market, welcome news for buyers who have been facing persistent supply shortages. A newly-published RBC Thought Leadership &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/03\/canadian-homeowners-will-play-a-central-role-in-shaping-up-spring-housing-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-19563","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Homeowners will Play A Central Role in Shaping Up Spring Housing Market &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/03\/canadian-homeowners-will-play-a-central-role-in-shaping-up-spring-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Homeowners will Play A Central Role in Shaping Up Spring Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Early signs are indicating that more home sellers are jumping into Canada\u2019s housing market, welcome news for buyers who have been facing persistent supply shortages. 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